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Shares resume ascent as investors buy bargains

By Arra B. Francia, Reporter
LOCAL SHARES bounced back on Wednesday as investors turned bargain hunters after enduring losses for most of last week.
The benchmark Philippine Stock Exchange index (PSEi) soared 1.96% or 150.72 points to close at 7,821.34, recovering from the previous session’s flat performance. The broader all-shares index likewise climbed 1.43% or 68.17 points to 4,809.07.
“The market move is a result of the technical bounce coming from the losses from last week’s trade validating the 7,600 support line,” Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a text message.
Mr. Tan added that the release of corporate earnings has supported optimism among investors. So far, conglomerates such as SM Investments Corp. and Metro Pacific Investments Corp. have already released their 2018 earnings results, posting profit increases of 13% and seven percent, respectively.
“In line with that, corporate earnings is somehow helping the index regain momentum and foreign buying is present, signaling bargain hunting for investors,” Mr. Tan said.
Foreign investors turned buyers on Wednesday, recording net inflows of P272.89 million versus the previous session’s net sales worth P1.28 billion.
The PSEi bucked the negative sentiment in Wall Street on Tuesday, as the Dow Jones Industrial Average slipped 0.05% or 13.02 points to 25,806.63. The S&P 500 index dropped 0.11% or 3.16 points to 2,789.65, while the Nasdaq Composite index was flat with a meager loss of 0.02% or 1.21 points to 7,576.36.
“Philippine investors became bargain hunters as investors looked beyond US-China trade talks for further catalysts to trade on,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.
Investors overseas continue to wait for signals on how the US-China trade talks will fare, as reports pointed to a trade deal nearing completion. The two parties are seen to sign a trade deal at a summit by March 27.
Most Southeast Asian stocks were muted on Wednesday, in line with their broader Asian peers, as investors awaited details on progress in the US-China trade negotiations.
All sectoral indices moved to positive territory back home, led by property which jumped 2.41% or 94.45 points to 4,002.19. Industrials followed with a 1.67% gain or 190.27 points to 11,547.40, while financials rose 1.65% or 28.12 points to 1,732.77.
Holding firms rallied 1.61% or 124.79 points to 7,848.76; services went up 1.18% or 18.12 points to 1,554.22; while mining and oil added 0.47% or 38.65 points to 8,126.70.
Some 1.53 billion issues switched hands valued at P6.01 billion, down from Tuesday’s P6.62-billion turnover.
Advancers outpaced decliners, 113 to 88, while 38 issues remained unchanged.

Peso recovers as Diokno eyes RRR cuts

THE PESO rebounded against the dollar on Wednesday as remarks from newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno quelled market uncertainties.
The local unit ended Wednesday’s session at P52.165 versus the greenback, 7.5 centavos stronger than the P52.24-per-dollar finish on Tuesday.
The peso opened the session weaker at P52.28 per dollar, slumping to as low as P52.41 intraday. However, it bounced back in the afternoon session, with its best showing at P52.15 against the greenback.
Dollars traded thinned to $1.31 billion from the $1.483 billion that switched hands the previous day.
A foreign exchange trader said the peso slid to its intraday trough in the morning session after the dollar strengthened against a basket of currencies overnight.
“The dollar was stronger overnight across all currencies. There was positive US data: new home sales and ISM (Institute for Supply Management) manufacturing data. It came better than expected, so that drove the dollar higher,” the trader said in a phone interview.
However, the peso bounced back in the latter part of the trading day as the market reacted to the comments from Mr. Diokno about cutting banks’ reserve requirement ratio (RRR). Big banks’ RRR stands at 18%, one of the highest in the region.
“The peso rebounded from its heavy fall yesterday after incoming BSP Governor Diokno said that he intended to ‘accelerate’ the reduction in the reserve requirement ratio, which was received positively by market players today,” another trader said in an e-mail on Wednesday.
At the sidelines of his weekly press conference, Mr. Diokno said the central bank will review the reduction in RRR as a continuation of the late BSP Governor Nestor A. Espenilla, Jr.’s policy.
“We can expedite the…reduction in the reserve requirement… Mataas talaga iyon (that’s high),” Mr. Diokno told reporters yesterday.
“There’s news that came out that our new BSP Governor wanted to accelerate reserve ratio cut. That means that the peso was about to go stronger with that statement,” the first trader said, adding that the statement somehow eased uncertainties in the market.
For today, the first trader expects the peso to trade between P52.10 and P52.45, while the other gave a P52-P52.30 range. — Karl Angelo N. Vidal

CA justice appointed to SC

By Vann Marlo M. Villegas, Reporter
PRESIDENT Rodrigo R. Duterte has appointed Court of Appeals (CA) Associate Justice Amy C. Lazaro-Javier as new Supreme Court (SC) associate justice.
This was confirmed by Executive Secretary Salvador C. Medialdea in a text message.
Ms. Javier will replace Justice Noel J. Tijam who reached the mandatory retirement age of 70 on Jan. 5.
Ms. Javier has been with the CA since her appointment in 2007.
She graduated magna cum laude from the Philippine Normal University with an education degree. She earned her law degree from the University of Santo Tomas in 1982 where she graduated as class valedictorian and passed the bar the same year.
She worked as trial attorney at the Office of the Solicitor-General in 1983 and became assistant solicitor-general in 1994.
Meanwhile, Mr. Tijam was appointed by the President to the Judicial and Bar Council (JBC) to represent the academe, Justice Secretary and JBC ex-member Menardo I. Guevarra told reporters in a text message.
Mr. Tijam served the high court for over a year after his appointment on March 8, 2017 by President Rodrigo R. Duterte. He is the President’s second SC appointee following now-Ombudsman Samuel R. Martires.
Prior to his appointment, he also served as presiding judge of the Quezon City regional trial court (RTC) Branch 221 in 1994 and president of the Quezon City RTC Judges Association. He was then promoted to the Court of Appeals in 2003.
The JBC performs the “principal function of recommending appointees to the Judiciary.
The body is composed of the Chief Justice as ex officio Chairman, with the Secretary of Justice and a representative of the Congress as ex officio Members, a representative of the Integrated Bar, a professor of law, a retired Member of the Supreme Court, and a representative of the private sector.
Regular members are appointed for a term of four years and subject to the confirmation of the Commission on Appointments.

NBI, BuCor ordered to report on probe of drug trade in New Bilibid Prison

JUSTICE SECRETARY Menardo I. Guevarra has ordered the National Bureau of Investigation (NBI) and the Bureau of Corrections (BuCor) to apprise him on the investigation on the alleged illegal drug trade operated by an inmate in the New Bilibid Prison (NBP). In a department order dated March 4, Mr. Guevarra directed NBI Director Dante A. Gierran and BuCor Director General Nicanor E. Faeldon to submit reports to his office on the progress of the probe on the drug operations led by prisoner Rustico R. Ygot. “Further Director Gierran and Director General Nicanor E. Faeldon of the BuCor are directed to submit reports on the progress of the subject investigation and case build-up to the Office of the Secretary,” Mr. Guevarra said in the order. He added that appropriate charges should be filed against those involved in the crime “if evidence warrants.” Mr. Ygot is linked to the P190.4-million worth of shabu seized in twin operations in Cebu. Reports said he gave instructions to his girlfriend through video call. — Vann Marlo M. Villegas

Russian fugitive caught while attempting to extend visa

THE BUREAU of Immigration (BI) arrested a Russian fugitive who is wanted for large-scale fraud in his country last March 5 at the BI’s main office in Intramuros, Manila. In a press statement, the BI said Likharev Anton, 37, was caught by immigration officers when he attempted to extend his temporary visitor’s visa. He arrived in the country in 2016 and has not left since. The BI Board of Commissioners issued in Dec. 2018 a deportation order against Mr. Likharev based on information that he is wanted by Russian courts “for large-scale crimes involving acquisition of other people’s property by means of deceit.” “We will not allow fraudsters like him to hide in the Philippines, as they pose a risk to public interest,” BI Commissioner Jaime H. Morente said in the statement. The Russian national was turned over to the BI Fugitive Search Unit pending his deportation. Mr. Likharev already made headlines in the country in 2017 after he was arrested for violation of the Fisheries Code of the Philippines and a municipal ordinance for killing a green sea turtle with a spear in Dauin, Negros Oriental. — Vann Marlo M. Villegas

Iloilo City gets P14.3M of sports equipment from PSC

THE PHILIPPINE Sports Commission (PSC) donated P14.3-million worth of facilities and equipment to the Iloilo City government following its successful hosting of the Batang Pinoy 2019 Visayas Qualifying Leg last Feb. 24-March 2. “PSC is donating to us a total of P14, 269,780 worth of sports equipment for the sports development of the city,” Iloilo City Sports Director Moises Salomon Jr. announced. The equipment and supplies were for archery, arnis, athletics, badminton, baseball, basketball, beach volleyball, boxing, chess, futsal, karatedo, pencak silat, sepak takraw, softball, swimming, table tennis, lawn tennis, and volleyball, among others. During the regional sports event, Iloilo City emerged as the overall champion for the first time with 57 gold, 49 silver, and 44 bronze medals. Mayor Jose S. Espinosa attributed the success of the athletes to their constant training. “The Cebu delegation was well-prepared. Their delegation was very big. With our constant training, silently that we have continued, we are 15 golds medal higher than Cebu City,” he said. The Batang Pinoy is a grassroots development program that aims to discover new talents among the young athletes in the different localities. — Emme Rose S. Santiagudo

No confirmation yet of Chinese vessel harassment in Pag-asa, but military ordered to investigate

THE DEPARTMENT of National Defense (DND) said Secretary Delfin N. Lorenzana has already tasked the Armed Forces of the Philippines (AFP) to validate the report of alleged harassment by Chinese vessels in the sandbars near Pag-asa Island in the contested West Philippine Sea. “Based on the initial communication from the AFP Western Command (WESCOM), there has been no substantiated report from our units on the ground confirming Mayor (Roberto M.) del Mundo’s statement. The AFP, through the Naval Forces West under WESCOM, will nonetheless continuously validate and report any information relevant to Mayor del Mundo’s claims,” said DND in a statement on March 6. Mr. Del Mundo, mayor of Kalayaan town located within Pag-asa island, recently reported that the presence of Chinese vessels around the island has been affecting the fishing activities of local fishermen. DND noted that the area cited by Mr. del Mundo is also a fishing ground for China and Vietnam. “It has to be noted that the area referred to by Mayor del Mundo is a traditional fishing ground for the Philippines and other countries, including China and Vietnam,” it said. “According to WESCOM, they have been encouraging fishermen from Pag-asa to continue their activities since it has been observed that they have not been fishing in the vicinity of the sandbar, even before the Chinese fishing vessels were sighted in the area,” it added. DND also said that a sheltered port is now being constructed on Pag-asa Island to help local fishermen. — Vince Angelo C. Ferreras

Pasay City, EPD police chiefs relieved over extortion cases

PHILIPPINE NATIONAL Police (PNP) Director General Oscar D. Albayalde ordered on Wednesday the relief of the police chiefs of the Eastern Police District (EPD) in the capital and Pasay City Police over the involvement their stations’ anti-drug units in extortion cases. EPD’s head, Brig. Gen. Bernabe M. Balba, was relieved following the 15-man district drug enforcement unit (DDEU) in connection with the arrest of its unit chief, Police Corporal Marlo S. Quibete during an entrapment operation in Pasig City on Tuesday night. According to the police report, Mr. Quibete was allegedly extorting money from the complainant whose live-in partner was arrested through a buy-bust operation conducted by the DDEU personnel on March 4. Also relieved was Police Colonel Noel Flores as director of the Pasay City police following the arrest of Police Corporal Anwar Nasser for demanding P100,000 from a drug suspect. Brigadier General Christopher Tambungan, executive officer at PNP Directorate for Police Community Relations, will replace Mr. Balba, while Police Colonel Bernard Yang, National Capital Region Police Offices regional operations chief, will replace Mr. Flores. — Vince Angelo C. Ferreras

P638M underpass in Cebu City targeted for completion by end-May

THE P638-MILLION underpass along N. Bacalso Avenue in Cebu City is now 87% complete, the Department of Public Works and Highways-Central Visayas (DPWH-7) reported. During the site inspection on Tuesday, DPWH-7 Assistant Regional Director Mario M. Montejo said the project’s construction is on track despite some delays due to rains and a recent typhoon. “On track still, supposed to be the first commitment of the contractor is this month, but because of some delays.. our target now is end of May,” Mr. Montejo said. This date, he added, still within the contract period of WT Construction Inc. The underpass is expected to alleviate the traffic congestion in the city’s southern district. — The Freeman

LGUs declarations of persona-non-grata just ‘PR stunts,’ says NDFP

THE NATIONAL Democratic Front of the Philippines (NDFP) has branded the resolutions of some local government units (LGUs) in the Davao Region declaring them persona-non-grata as mere public relations (PR) stunts by the military. In a press release signed by Rubi del Mundo, NDFP Southern Mindanao Region spokesperson, said the resolutions condemning the rebels, particularly their armed members under the New Peoples Army, “are the product of the relentless psywar (psychological war) and intimidation campaign of `peace and development outreach programs.’” “In Southern Mindanao and elsewhere in Mindanao, they are in fact mere PR (public relations) stunts which hold neither a grain of truth nor reflect the sentiments of thousands of Lumad (indigenous people) who continue to be victimized by the US-Duterte regime’s hated martial law and hold the revolutionary movement in high esteem, especially the NPA as their true people’s army,” the statement said. Among those that have made the declaration are the Davao City, and the provinces of Davao Oriental, Compostela Valley, and Davao del Norte. Bukidnon in Northern Mindanao has issued a similar resolution. — Carmelito Q. Francisco

DA prepares for cloud seeding operations in SOCCSKSARGEN amid weak El Niño

THE DEPARTMENT of Agriculture (DA) in the SOCCSKSARGEN (South Cotabato-Cotabato-Sultan Kudarat-Sarangani-General Santos City) is preparing to conduct cloud seeding operations amid the onset of a weak El Niño and a forecast of below normal rainfall in the coming months. DA Regional Director Milagros C. Casis, in a statement, said they already allocated P2.5 million for the intervention. “We are just processing some more documents in order for us to kick-start the cloud seeding operations together with the Bureau of Soils and Water Management,” Ms. Casis said. A total of 40 rounds of cloud seeding will be conducted around the region. Meanwhile, 9,000 bags of palay seeds from the DA’s Quick Response Fund are also ready for distribution in areas that could be affected by the natural calamity. Field Operations Division Officer-in-Charge Ray Embajador said these planting materials will only be released to areas validated by the agency for rehabilitation. “Although there were already municipalities which declared state of calamity in the region, we will still subject the areas for validation,” Mr. Embajador noted. He also advised farmers to select rice varieties that could better withstand the weather condition, or plant legumes and root crops such as cassava, camote, and even watermelon, which are drought-resilient crops.

Nation at a Glance — (03/07/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.
Nation at a Glance — (03/07/19)